Ascending Triangle Pattern bullish continuation pattern
**Trend Analysis**
1. **Ascending Triangle Pattern:**
- The chart shows an **ascending triangle** pattern, characterized by a horizontal resistance line and an upward-sloping trendline.
- This is typically a **bullish continuation pattern**, meaning a breakout above resistance could lead to further upward movement.
2. **Support & Resistance Levels:**
- **Resistance:** Around **56.13 EGP** (historical peak).
- **Support:** The **ascending trendline** acts as dynamic support.
- **Major Supports:** **42.57, 41.07, 40.81 EGP** (previous lows and moving averages).
3. **Moving Averages:**
- The price is trading **above key moving averages (blue and red lines)**, suggesting the trend is still bullish.
- These MAs are also acting as dynamic support.
### **Indicators & Momentum**
1. **Volume & Breakout Potential:**
- The volume bars indicate **higher interest** near the breakout level.
- A **strong breakout with high volume** would confirm the pattern.
2. **RSI (Relative Strength Index):**
- Currently around **55-61**, indicating the stock is in a neutral to slightly bullish zone.
- No overbought or oversold conditions.
3. **MACD (Moving Average Convergence Divergence):**
- The MACD line is crossing above the signal line, which is a **bullish signal**.
- A strong crossover with an increase in momentum could confirm an uptrend.
### **Potential Future Movements**
1. **Bullish Scenario:**
- If the price **breaks above 56.13 EGP with strong volume**, the next target could be around **66.66 EGP**.
- This aligns with the measured move of the ascending triangle breakout.
2. **Bearish Scenario:**
- If the price fails to break resistance and falls below the trendline (**around 42-43 EGP**), it may **decline towards 39.88-36.24 EGP**.
### **Conclusion & Trade Idea**
- **Bullish bias** as long as price remains above the trendline.
- Watch for a breakout above **56.13 EGP** for confirmation.
- If price **fails and drops below 36 EGP**, expect a downside move.
